logo
Share SHARE
FONT-SIZE Plus   Neg

Roche Says Its $51 Per Share Offer For Illumina Is Full And Extremely Attractive

Swiss drugmaker Roche (RHHBY.PK) issued statement regarding its pending offer for Illumina, Inc. (ILMN).

Roche stated that it continues to believe that on the basis of the public information that has been available to the company, its offer price of $51 per share is full, fair and extremely attractive by every conceivable financial metric. Further, to date, Illumina has not provided any quantitative support for their aggressive growth assumptions. Roche also believes that their long term growth expectations are unrealistic and ignore the inherent and significant market and technology risks.

In late January, Roche began a tender offer to buy all shares of Illumina for $44.50 per share in cash. The offer was raised to $51.00 per share in cash on March 29.

Severin Schwan, chief executive officer of Roche Group, said, "As we have said earlier, if Illumina were to engage with us, we would consider any information supporting Illumina's contention that our offer undervalues the company and its prospects. However, because Illumina has refused to enter into negotiations with us, our current analysis is by necessity based solely on publicly available information, and that information does not justify a price in excess of $51 per share. Our goal has always been to enter into a negotiated transaction with Illumina and we firmly believe that our present offer is more than adequate to serve as a basis to begin that negotiation with Illumina."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Taco Bell, a division of Yum! Brands Inc, is planning to test delivery of food items on college campuses, the Street reported. The move comes at a time the fast food chain seeks to leverage demand for its popular breakfast and dinner items. In an unusual incident, an Airbus operated by Singapore Airlines temporarily lost power on both its Rolls Royce engines during a flight and plunged almost 13,000 feet or 3.96 kilometers. However, pilots managed to save the Airbus through standard operational procedures and it continued on its routine path. Hormel Foods has agreed to buy organic meat products maker Applegate Farms LLC for about $775 million, as consumers increasingly use natural and organic foods in their diet.
comments powered by Disqus
Follow RTT